Hamdan bin Mohammed approves ‘Dubai Silk Road’ strategy

The Crown Prince of Dubai His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum emphasised the importance of the logistics sector as a key driver of economic diversification as highlighted by the 50-Year Charter which outlines the vision of the Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum in cementing Dubai as a strategic link in global trade.

His Highness also noted that the Government of Dubai has already begun the implementation of the 50-Year Charter, and stressed the significance of collaboration of all concerned entities to work collectively to attain the aspirations of Dubai of becoming an icon of prosperity.

HH Sheikh Hamdan bin Mohammed’s remarks came as he gave his approval for the Dubai Silk Road strategy that seeks to build on the success Dubai has accomplished globally as a strategic trade link between east and west, and north and south.

In this context, HH Sheikh Hamdan bin Mohammed said, “Our goal of becoming an established global trade and logistics hub will reflect positively on our economy by boosting competitiveness and sustainability.”

The Dubai Silk Road strategy was prepared by the Ports, Customs and Free Zone Corporation (PCFC) in collaboration with key government entities. Internally, the strategy focuses on enhancing trade between free zones and the rest of the emirates. Externally, the focus will be on enhancing strategic and operational connection of logistics services between DP World terminals across the world with Emirates airlines playing a key role.

Commenting on the strategy, HE Sultan Ahmed bin Sulayem, the Chairman of Ports, Customs and Free Zone Corporation (PCFC), said, “Dubai is moving ahead with boosting its capabilities in trade and logistics services through a new strategy. The strategy augments decades of successful investment in creating renowned ports, airports, and free zones both regionally and internationally.”

According to bin Sulayem, Dubai’s non-oil foreign trade reached AED1.302 trillion in 2017, with free zones’ contribution reaching 33%. Sea trade grew to AED467 billion and air trade reached AED594 billion in the same period. The emirate’s external non-oil trade in the first nine months of 2018 reached AED965.3 billion.